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After a tumultuous week for Bitcoin, the cryptocurrency just printed one of its largest positive candles since the beginning of this year’s bull run. It shot up 9 percent in a matter of minutes, breaking the psychological level of $10,000 and bringing its current price to about $10,300.
Bitcoin Prints a Massive Green Candle
The past week has been nothing but turbulent for Bitcoin price. After surging to about $13,000 nine days ago, the cryptocurrency went through a progressive downfall which brought the price down to a monthly low around $9,000. Even though many considered this to be a healthy correction after a massive uptrend, it’s safe to say that the negative price action got people worried.
However, in the past hour, Bitcoin printed one of the largest green candles on the chart since the beginning of the bull run this year. The cryptocurrency shot up by over $1,000 representing a staggering increase of 9.5% in a few minutes.
Naturally, this was immediately picked up by prominent community members and popular analysts, who didn’t miss the opportunity to comment on the matter.
$BTC just painted the second largest 1H candle since the Bull Run started.
The largest one was at $4K in back in April, which was the candle that started everything. pic.twitter.com/W6qq9tDYRB
— Galaxy (@galaxyBTC) July 18, 2019
What Caused The Sudden Spike?
Determining the exact cause of the sudden positive spike is definitely a challenging task, if possible at all. However, the events of late have been looking rather good for Bitcoin.
Earlier today, Republican Warren Earl Davidson, in a hearing involving CoinShare’s Meltem Demirors, made a clear differentiation between Bitcoin and so-called “shitcoins.” He explained that with the latter the value of the cryptocurrency could be distorted by central authorities while this is not possible with Bitcoin.
Moreover, just yesterday, Representative Patric McHenry was particularly definitive when explaining that there’s no authority, not even China, that could “kill Bitcoin.” Furthermore, the Chairman of the US Federal Reserve expressed his opinion on Bitcoin, providing a very important conclusion that it is a “store of value… like gold.”
Positive political news over the entire cryptocurrency space also came from the UK, as the chief of the country’s treasury said that they are looking forward to find ways to regulate the space, and Facebook’s Libra, in particular.
In any case, it remains interesting to see whether Bitcoin will be able to retain the sudden gains. This will perhaps provide us with a clearer picture of what we should be expecting next.